Dubai's Union Properties buys stake in Egyptian developer

In a statement to the Dubai Financial Market, the developer said it acquired the stake through its investment arm, UPP Capital Investment, which was created last year to carry out direct and indirect real estate investments.

Union Properties said it decided to buy the stake as part of a plan to diversify income and expand its investments abroad.

Union Properties also reported a third quarter net loss of $12m (AED45m) for the three months ending 30 September, 2017, compared with a net profit of $8.7m (AED32m) in the corresponding period in the previous year.